Archive for 2017

Bitcoin: The Sky’s the Limit?

May 26, 2017
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Bitcoin

Investors, merchants and miners all watched as bitcoin’s price ran up knocking on the door of the $2,800 level. The digital currency has climbed nearly 50 percent in the past week and by triple digits in 2017, evoking emotions ranging from euphoria to fear that a bubble is among us. And while the price has […]

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Old Woes Continue to Hang Over Lending Club

May 26, 2017
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Renaud Laplanche at LendIt

Former Lending Club CEO Renaud Laplanche at LendIt in 2016 A class action lawsuit filed against Lending Club last year isn’t going away. On Thursday, United States District Judge William Alsup denied parts of Lending Club’s motion to dismiss, meaning that the securities fraud case will continue to move forward. The complaint touched on several […]

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How P2P Lending’s Evangelist is Faring Now

May 24, 2017
Article by:

status

Peter Renton, a co-founder of the LendIt Conference and p2p lending investor since 2008, published his latest portfolio performance data on Monday. While he wrote that the downtrend is continuing unabated, he still reports an overall marketplace lending return at 7.73%. Notably, he reported that one of his Lending Club accounts actually lost money in […]

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New York Legislature Held A Hearing On Online Lending

May 21, 2017
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Albany, NY - Capitol Building

Update: The full video of the 6-hour Monday hearing is below: OR DOWNLOAD THE FULL AUDIO ON MP3 HERE Update: The six-hour marathon hearing mainly focused on non-bank fintech companies and their bank partnerships to make loans. Lending Club, for example, was criticized for marketing their business as a “marketplace” when in actuality their loans […]

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Goldman, Cohen Bet on Nav

May 19, 2017
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Levi King, Nav

CEO Levi King, Nav Goldman Sachs. Steve Cohen. These are a couple of the high-profile investors that small business credit and finance startup Nav has attracted to line its coffers. Nav recently lifted the size of a Series B round by $13 million for lead investor Goldman Sachs Principal Strategic Investments as well as Cohen’s […]

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Lending Club Raises Minimum Deposit Amount for New Investors

May 18, 2017
Article by:

Scott Sanborn - Lending Club

The micro retail investor can no longer experiment with peer-to-peer lending through just a handful of loans, according to a recent announcement made by Lending Club. Going forward, new users must deposit at least $1,000 to get started. Those investors can still allocate $25 per loan, however. The reason for the deposit increase? Forced diversification. […]

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The Tesla of Alternative Lending

May 16, 2017
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Upstart Founders

Tesla has autopilot. Apple has Siri. And Upstart has its own high-tech software model that places the startup in a category of its own for online lending. All three of these companies may be very different but what they have in common is a reliance on artificial intelligence and machine learning for their proprietary technology. […]

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Prosper Loaned $585M in Q1, Losses Continued

May 16, 2017
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Prosper Marketplace

Prosper had a net loss of $23.9 million in Q1 on only $30.8 million in revenue, according to the 10-Q they filed Monday. They originated $585.6 million in loans, 90% of which were funded through their Whole Loan Channel, the segment made up of accredited and institutional investors who buy entire loans. Prosper had 371 […]

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Federal Court Agrees, Merchant Cash Advances Not Loans or Usurious

May 13, 2017
Article by:

federal court ruling

By now, numerous judges in the New York Supreme Court have concurred that purchases of future receivables are not loans nor usurious, yet challenges to these contracts continue. In the latest landmark ruling, defendants/counterclaim plaintiffs Epazz, Inc., Cynergy Corporation, and Shaun Passley a/k/a Shaun A. Passley, moved to have the original action involving their merchant […]

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‘Debt Collection Terrorist’ Sues Protection Legal Group and Corporate Bailout

May 13, 2017
Article by:

phone bomb

Debt Collection Terrorist Meets Debt Relief A new crop of supposed debt relief companies are beginning to take fire from all sides. In this latest case, Mark D. Giubaldi & Associates, LLC DBA Protection Legal Group and Corporate Bailout LLC, have once again found themselves on the receiving end of a complaint. On Wednesday, May […]

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